(RTTNews) - Watts Water Technologies, Inc., (WTS) Monday said it has acquired I-CON Systems Inc., a provider of plumbing control solutions primarily for the corrections market.
I-CON's annualized sales are about $25 million. The acquisition was funded with cash on hand.
Chief Executive Officer Robert J. Pagano Jr. commented, "We are excited to welcome the I-CON team to Watts. This acquisition is consistent with our established strategy and further positions Watts for growth. The addition of I-CON's innovative water management systems will allow us to expand our digital offerings and provide growth opportunities in the correctional niche of the institutional market. I want to thank the teams at Watts and I-CON for their efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate I-CON with Watts."
President and CEO of I-CON Systems Shawn Bush stated, "Watts acquisition of I-CON will provide tremendous resources and opportunities for the continued growth of the I-CON brand. The similarities in culture and commitment to innovation and customer excellence will contribute to our long-term success."
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